Plains GP Holdings LP (NYSE:PAGP) was the recipient of a significant decline in short interest in the month of May. As of May 31st, there was short interest totalling 3,745,500 shares, a decline of 27.9% from the April 30th total of 5,192,200 shares. Approximately 2.4% of the company’s shares are short sold. Based on an average daily trading volume, of 1,390,000 shares, the days-to-cover ratio is presently 2.7 days.
In other Plains GP news, Director Everardo Goyanes sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $24.60, for a total value of $492,000.00. Following the transaction, the director now directly owns 32,305 shares of the company’s stock, valued at $794,703. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Emg Investment, Llc sold 7,328,291 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $23.10, for a total value of $169,283,522.10. The disclosure for this sale can be found here. 16.31% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Tortoise Capital Advisors L.L.C. grew its stake in Plains GP by 5.1% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 9,843,712 shares of the pipeline company’s stock valued at $197,859,000 after purchasing an additional 477,509 shares during the period. Chickasaw Capital Management LLC grew its stake in Plains GP by 8.3% in the 1st quarter. Chickasaw Capital Management LLC now owns 8,011,666 shares of the pipeline company’s stock valued at $199,651,000 after purchasing an additional 610,930 shares during the period. Cohen & Steers Inc. grew its stake in Plains GP by 296.3% in the 4th quarter. Cohen & Steers Inc. now owns 4,917,057 shares of the pipeline company’s stock valued at $98,833,000 after purchasing an additional 3,676,379 shares during the period. Energy Income Partners LLC bought a new position in Plains GP in the 4th quarter valued at $81,279,000. Finally, Canyon Capital Advisors LLC grew its stake in Plains GP by 3.8% in the 1st quarter. Canyon Capital Advisors LLC now owns 3,256,377 shares of the pipeline company’s stock valued at $81,149,000 after purchasing an additional 119,525 shares during the period. Institutional investors and hedge funds own 88.24% of the company’s stock.
Plains GP stock traded up $0.23 during trading on Wednesday, hitting $24.27. 1,304,200 shares of the company were exchanged, compared to its average volume of 1,467,403. Plains GP has a 52 week low of $19.17 and a 52 week high of $27.00. The company has a market capitalization of $3.83 billion, a P/E ratio of 11.50 and a beta of 1.14. The company has a current ratio of 1.02, a quick ratio of 0.90 and a debt-to-equity ratio of 0.68.
Plains GP (NYSE:PAGP) last announced its quarterly earnings results on Tuesday, May 7th. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.49. Plains GP had a return on equity of 3.41% and a net margin of 1.31%. The business had revenue of $8.38 billion during the quarter, compared to the consensus estimate of $10.54 billion. During the same quarter in the prior year, the company posted $0.36 earnings per share. Plains GP’s revenue was down .3% compared to the same quarter last year. On average, analysts predict that Plains GP will post 2.04 EPS for the current year.
A number of equities analysts have recently weighed in on PAGP shares. TheStreet raised Plains GP from a “c” rating to a “b-” rating in a research report on Friday, April 5th. Zacks Investment Research raised Plains GP from a “sell” rating to a “hold” rating in a research report on Tuesday, April 2nd. ValuEngine lowered Plains GP from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. Finally, Wolfe Research raised Plains GP from a “peer perform” rating to an “outperform” rating in a research report on Thursday, June 13th. One analyst has rated the stock with a sell rating, one has issued a hold rating and fifteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $28.57.
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About Plains GP
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.
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